Ardmore Road Asset Management LP Acquires 164,344 Shares of Procore Technologies, Inc. $PCOR

Ardmore Road Asset Management LP lifted its holdings in Procore Technologies, Inc. (NYSE:PCOR) by 75.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 381,600 shares of the company’s stock after buying an additional 164,344 shares during the quarter. Ardmore Road Asset Management LP owned approximately 0.25% of Procore Technologies worth $21,751,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wasatch Advisors LP grew its holdings in shares of Procore Technologies by 58.4% in the second quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company’s stock worth $318,592,000 after purchasing an additional 1,717,492 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Procore Technologies by 77.6% in the third quarter. Wellington Management Group LLP now owns 3,401,891 shares of the company’s stock valued at $248,066,000 after purchasing an additional 1,486,153 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in Procore Technologies by 158.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 2,020,531 shares of the company’s stock worth $115,170,000 after purchasing an additional 1,240,247 shares in the last quarter. Norges Bank bought a new position in Procore Technologies in the fourth quarter worth approximately $82,739,000. Finally, Woodline Partners LP increased its holdings in Procore Technologies by 173.1% during the 3rd quarter. Woodline Partners LP now owns 1,790,203 shares of the company’s stock worth $130,542,000 after purchasing an additional 1,134,657 shares during the period. 81.10% of the stock is owned by institutional investors.

Insider Activity at Procore Technologies

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the firm’s stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $43.90, for a total value of $2,463,755.80. Following the completion of the sale, the chairman directly owned 919,704 shares in the company, valued at $40,375,005.60. This trade represents a 5.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Benjamin C. Singer sold 3,942 shares of Procore Technologies stock in a transaction on Friday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $197,100.00. Following the completion of the transaction, the insider directly owned 96,723 shares in the company, valued at $4,836,150. This represents a 3.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 189,621 shares of company stock valued at $8,791,847 over the last 90 days. Insiders own 16.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on PCOR shares. BTIG Research reaffirmed a “buy” rating and set a $66.00 target price on shares of Procore Technologies in a research report on Friday. Jefferies Financial Group dropped their price target on Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a research report on Tuesday, July 21st. UBS Group cut their price target on Procore Technologies from $74.00 to $68.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th. Citizens Jmp upgraded Procore Technologies from a “market perform” rating to a “market outperform” rating and set a $71.00 price objective for the company in a report on Wednesday, April 29th. Finally, TD Cowen lowered their price objective on shares of Procore Technologies from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $70.47.

Procore Technologies Trading Down 0.1%

PCOR opened at $42.80 on Monday. The firm has a market cap of $6.46 billion, a price-to-earnings ratio of -83.93 and a beta of 0.75. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 12 month low of $38.03 and a 12 month high of $82.32. The stock has a fifty day moving average price of $44.49 and a 200-day moving average price of $52.57.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The company had revenue of $359.28 million for the quarter, compared to the consensus estimate of $352.82 million. During the same period in the previous year, the business earned $0.23 EPS. Procore Technologies’s revenue for the quarter was up 15.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Procore Technologies, Inc. will post 0.06 earnings per share for the current fiscal year.

Procore Technologies Company Profile

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company’s platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.